North Carolina Down Payment Support Systems

Online Payments - The North Carolina Housing Finance Agency has two amazing plans for first-time Home Buyers. These systems will be the deposit Assistance System and the Mortgage Credit Certificate.

You also buy a home between January 1, 2009 and December 1, 2009 and should you qualify for one of those plans, you may also qualify for the $8,000 tax credit just enacted into law in the Federal Economic Stimulus Plan.

First, who is a first-time Home Buyer? A First Time Home Buyer is someone who hasn't owned a house in the past three years. That is the exact same qualifying definition.

What's a Mortgage Credit Certificate and Who Qualifies?

All home owners can claim an itemized deduction. An MCC “reduces your tax liability predicated on a portion of the mortgage interest that you pay.

You can claim 20% of the interest you pay on your own mortgage as a credit on your federal income taxes, should you are eligible for the MCC. It's possible for you to save as much as $2,000 on your taxes.

You will have the ability to join this if you do qualify for the MCC, for 2009. This might reduce the tax liability of a buyer's by $10,000.

Household income means the “gross income of the mortgagor and any other person expected to reside in the dwelling who is 18 years old or older.”

The income and house price limits that apply in Durham Orange and Chatham Counties are listed below.

MCC Income Limits 1 Person $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Persons $70,500

MCC Sales Cost Limitations New House $220,000 Existing Home $210,000

Who Qualifies for Down Payment Assistance?

The customer just has to pay and the load would pay up to .

This plan has stricter income limits than the MCC program outlined above. Like the MCC program, it can be utilized in combination with all the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment help, nevertheless, cannot be used in combination with the MCC. This really is an either or scenario.

The income and house price limitations that apply in Durham Orange and Chatham Counties are listed below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Persons $45,650 3 Persons $51,350 4 Individuals $57,050

Down Payment Support Sales Cost Limits New House $210,000 Existing Home $210,000